Cyprus

The island country of Cyprus is on the news. Cyprus is a republic and the banks in Cyprus are in financial difficulty. They appealed to the European Union of which they are a member for a bailout. The European Union leaders, namely Germany, agreed but demanded that Cyprus pay 1.3 billion Euro’s. In order to have the funds, the president of Cyprus closed the banks and levied a tax of 9.9 percent on accounts over 100,000 Euro’s and 6.5 percent on accounts under 100,000 Euros. Today the Parliament of Cyprus will vote on the issue but in the meantime the banks will be closed until Thursday. National news in the U.S. is not reporting for obvious reasons. The repercussions are fantastic. There will most likely be a run on European banks and the panic will cross the ocean. Media is also reporting that much of the money in the Cyprus banks is owned by Russian oligarchs, as if that is okay to tax their money. No matter who owns the money, it is the property of the depositors. The Russian mafia issue is only a redirect to justify the injustice. Pay attention, we may be next.